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SEC charges 13 US private fund advisers for violating reporting requirements

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SEC charges 13 US private fund advisers for violating reporting requirements

The U.S. Securities and Exchange Commission on June 1 charged 13 registered investment advisory firms for allegedly failing to submit required annual reports over multiyear periods that are used for risk-monitoring purposes.

The SEC said it reached settlements with Bachrach Asset Management Inc., Biglari Capital LLC, Brahma Management Ltd., Bristol Group Inc., CAI Managers & Co. LP, Cherokee Investment Partners LLC, Ecosystem Investment Partners LLC, Elm Partners Management LLC, HEP Management Corp., Prescott General Partners LLC, RLJ Equity Partners LLC, Rose Park Advisors LLC and Veteri Place Corp.

Without admitting or denying the alleged reporting requirement violations, the 13 advisers agreed to be censured, to cease and desist, and to pay a $75,000 civil penalty each, according to the SEC. They also submitted the necessary filings that were missed earlier.

Since 2012, private fund advisers managing $150 million or more in assets have been required to submit annual filings to the SEC detailing the amount of assets under management, fund strategy, performance, and use of borrowed money and derivatives.

The SEC uses this information to monitor industry trends, inform rulemaking and identify compliance risks, among other things.